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Who suceeds in the electric idustry more?

1216 Views 3 Replies 4 Participants Last post by  just the cowboy
Being in business for about 5yrs now I'm having a difficult time making a decision In which direction I should be heading in. Most of my business is word of mouth and I have one realty company that provides me with about 50% of my income within the last two yrs. I'm an electrician period with a decent business background and accounting skills. I run all my jobs profitable with very little mistakes. Although, I don't have that much experience from any other previous contractors I have worked for from an inside office position to compare to. Would you guys say that someone who is on a project management level and bidding work daily, but lack electrical experience to some degree, be more successful then I? I wanna take my business to next level but just don't know how or even if I have enough experience and knowledge. I really need to double my gross annual revenue. I can draw a paycheck every week, but, if I were to lower my labor rate and hire more 3rd or 4th year apprentices I could be more profitable. I just hate having to worry about how the job is being done. Where as when I have a mechanic I trust, I really don't worry that much and I can be more available for most or all of my service calls, expediting and meeting with prospective clients offering estimates.
I know it takes time to grow. I know some businesses reach a plateau at some point and stop growing and I really hope I haven't reached that level. Someone said to me once find a niche your comfortable with and just expand on just that alone. Great advice, but, lots of times even that dries up and I'm looking for other work.

Last week I looked at a job and the contractor wanted to pay me $90 a point. He would purchase all the high hats and lighting fixtures. It totaled only 20k. I told him I need $25k because his total didn't include the service which is always bid separately. Any way, I had to refuse and walk away. Now, I'm saying to myself should I hire cheap labor for jobs like this just to keep cash flow coming in and hopefully make a small net profit and be happy with that.

Do guys find yourself in this predicament and have you come to the realization that you have limitations? I'm at the point where I wanna bring in a partner who has more experience to take it to the next level.
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Do guys find yourself in this predicament and have you come to the realization that you have limitations? .
Yes i do Sal

But it's also evident in the small trade related businesses all around me as well

95% of us open our doors small, and stay small

maybe 5% exceed and progress beyond this

of that 5% , a good portion will grow too quick , crash & burn

So it would seem , as a casual observer , that just as the larger contracts we solicit come with larger risk/benny ratios , so does the growth of any given sm biz

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Well said Steve.
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Don't go cheap

All you worked for could disappear from a bad rap going cheap.
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